Tag: Social Security benefits
The 2020 Social Security Trustees Report, which came out a few weeks ago, showed an increase in the program’s 75-year deficit from 2.78 percent to 3.21 percent of taxable payroll. The depletion date for the trust fund remained at 2035. Since this report was prepared before the onset of the COVID-19 pandemic and shutdown of t…
In this campaign season, fixing Social Security is once again emerging as a major topic. As Figure 1 shows, the cost of the program as a percentage of payrolls is higher than revenues. In the short term, the gap can be filled by drawing down the trust fund that was built up after the 1983…
